I am wetting myself cos gold has breached $900 !!!!!

nicko33

Gold through $800 again
can you still afford the champagne?

wombat42_2

nicko33 wrote: »

Gold through $800 again
can you still afford the champagne?

Er it was $900 last time :rolleyes:

Anyway dont freak out. Sept to March is usually the gold buying season. Gold went ballistic during that period last year.

alchemistkevin

the markets this year might not have the buyers for the physical gold though.

wombat42_2

alchemistkevin wrote: »

the markets this year might not have the buyers for the physical gold though.

Yes there is no certainty but things should still be healthier from Sept to March. I am not depending on 1 year anyway - going for the longterm if necessary.

alchemistkevin

wombat42 wrote: »

Yes there is no certainty but things should still be healthier from Sept to March. I am not depending on 1 year anyway - going for the longterm if necessary.

Agreed

purch

From an article on Mineweb.com by Reuters 'hack' Jan Harvey

'Traders say demand from jewellers, which suffered from high and volatile gold prices, is coming back into the market.

"We are seeing very large physical demand," said Afshin Nabavi, head of trading at MKS Finance in Switzerland. "If we didn't have this physical demand, I think gold would be much, much lower

The volume of gold held by ETFs in general has also remained relatively stable. London's ETF Securities said holdings of its Physical Gold ETF rose to a record 1.800 million ounces last week.'

wombat42_2

purch wrote: »

From an article on Mineweb.com by Reuters 'hack' Jan Harvey

'Traders say demand from jewellers, which suffered from high and volatile gold prices, is coming back into the market.

"We are seeing very large physical demand," said Afshin Nabavi, head of trading at MKS Finance in Switzerland. "If we didn't have this physical demand, I think gold would be much, much lower

The volume of gold held by ETFs in general has also remained relatively stable. London's ETF Securities said holdings of its Physical Gold ETF rose to a record 1.800 million ounces last week.'

It had better start rocketing from the Ist of September or I will lose my temper and get very annoyed :mad: :eek:

purch

India's August Gold Imports Rise 56% as Price Drop Lures Buyers

India, the world's biggest buyer of bullion, increased gold imports in August for the first time in 11 months as a decline in prices boosted jewelry demand.

Purchases were about 98-100 metric tons, compared with 64 tons in the year-ago month, according to provisional data from the Bombay Bullion Association Ltd., a grouping of 230 traders.

Gold demand in India traditionally recovers in the second half of the year, spurred by the wedding season and Diwali, the Festival of Light. Prices fell as low as $772.98 an ounce on Aug. 15 after reaching a record $1,030.70 in March. Imports plunged by more than half in the 10 months ended July 31 from a year ago.

"Demand continues to remain strong,'' said Suresh Hundia, president of the association, said in a phone interview today. ``If gold continues to fall, we expect a further increase in imports as the festival season is fast approaching.''

Gold fell for a second straight month in August as crude oil slid from its peak of $147.27 a barrel set in July and the U.S. currency recovered from a record low against the euro, reducing the demand for precious metals as an inflation hedge.

We expect gold to drop to $750 this month,'' Hundia said.

Still, Indian buyers won't fully benefit from the price drop as the local currency weakens against the dollar, making imports expensive, Hundia said.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amEg9sAV5yKw

alchemistkevin

It was around $830 yesterday but has dropped to $791 - very very very surprising.

I'm just happy I didn't get enough time to get myself an ETF account

mr_fishbulb

Since I invested in February, there has only been couple of days when I have made a paper profit - and then only a few pounds.

Price was driven up a lot by financial instability and I haven't seem many of those symptoms going away. Accepted that US GDP has surprisingly increased and Oil going down - but it's hurricane season again, and the UK is now in a mess.

I should have jumped in a year ago when it was $700~$750 but you know what they say - "It's not timing the market that matters, it's time in the market"